- Tecpetrol has satisfied the statutory minimum tender condition and has taken-up and acquired 54% of the issued and outstanding Alpha shares
- Tecpetrol is extending the bid period for an additional 10 days in order to allow remaining minority shareholders to tender to the Offer so that they may promptly receive the offer price and cash-out their investment
- Shareholders who have not already tendered are urged to do so immediately to ensure they receive the offer price as there can be no assurance that Tecpetrol will be able to timely complete a subsequent acquisition transaction (if at all)
- Questions or Need Assistance? Contact
Laurel Hill Advisory Group at 1-877-452-7184 or email: assistance@laurelhill.com or visit https://www.tecpetrol.com/en/investors/alpha-lithium-offer for more information
All of the conditions to the Offer have been satisfied or waived (including the statutory minimum tender condition), and Tecpetrol has extended the expiry time of the Offer by a mandatory period of 10 days to 5:00 p.m. (
Next Steps and Reasons to Tender Now
Following the mandatory 10-day extension period, Tecpetrol intends to pursue a subsequent acquisition transaction to complete the privatization of Alpha and acquire all Alpha shares not acquired pursuant to the Offer. Remaining shareholders are encouraged to tender their Alpha shares to the Offer during the mandatory 10-day extension period so that they may promptly receive the offer price of
Alpha shareholders who have not already done so are urged to promptly tender their shares to the Offer in order to realize compelling and certain value for their Alpha shares today. In particular:
- The Offer has been unanimously recommended by the Alpha Board of Directors, all of whom have already tendered their Alpha shares. The Alpha Board of Directors and the Special Committee of independent directors, after receiving a positive independent fairness opinion from
PI Financial Corp. , have unanimously recommended that shareholders tender their Shares to the Offer. To the knowledge of Tecpetrol, all of the directors and officers of Alpha, includingBrad Nichol , President & CEO of Alpha, have already tendered their Alpha shares. - If the privatization of Alpha cannot be completed, remaining shareholders will hold a minority position in a company with limited liquidity. There can be no assurance that Tecpetrol will be able to timely complete a subsequent acquisition transaction (if at all). Shareholders who do not tender during the mandatory 10-day extension period risk being left behind and not receiving the offer price of
C$1.48 in cash per share, instead holding a low liquidity investment in a company with a controlling shareholder.
How to Tender Q&A
Q: How do I tender my Alpha shares?
A: Shareholders whose shares are registered in the name of an investment advisor, stock broker, bank, trust company or other intermediary should immediately contact that intermediary for assistance if they wish to accept the Offer so that the necessary steps can be taken to enable the deposit of such shares under the Offer. Intermediaries likely have established tendering cut-off times that are prior to the expiry time. Shareholders must instruct their intermediaries promptly if they wish to tender.
Registered shareholders who own
Q: What do I do if I have already tendered my Alpha shares?
A: Shareholders that have already tendered do not need to take any further action and will receive payment for their Alpha shares within three business days.
Q: Who can I call if I have questions or require assistance in tendering my shares?
A: Shareholders who have questions or require assistance in tendering their Alpha shares may contact
Q: What is the deadline for me to instruct my broker to tender my Alpha shares?
A: The Offer is open for acceptance until
Additional Offer Details
Tecpetrol will file a Third Notice of Extension in respect of the mandatory extension of the expiry time to 5:00 p.m. (
Advisors
About the Tecpetrol Energy Transition Unit
Tecpetrol's Energy Transition Unit is
Caution Regarding Forward-Looking Statements
This news release contains "forward looking information". Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and is therefore subject to risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. Often, but not always, forward-looking information can be identified by the use of forward-looking words such as "plans", "expects", "intends" or variations of such words, and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information contained in this press release includes, but is not limited to, statements relating to expectations relating to the Offer; the results, effects, mechanics, timing and completion of the Offer, including the payment of the offer price within three business days; the ability of Tecpetrol to complete a subsequent acquisition transaction to acquire 100% of Alpha; and the risks to Alpha shareholders of not tendering their Alpha shares to the Offer, including expectations regarding the liquidity of the Alpha shares.
Although Tecpetrol believes that the expectations reflected in such forward-looking information are reasonable, such statements involve risks and uncertainties and have been based on information and assumptions that may prove to be inaccurate, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking information and such factors and assumptions are based on information currently available to Tecpetrol, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results, performance or achievements of Tecpetrol or the completion of the Offer and any subsequent acquisition transaction to differ materially from any future results, performance or achievements expressed or implied by such forward-looking information, including, without limitation, the ability or decision of Tecpetrol to acquire all of the issued and outstanding Alpha shares under the Offer or any subsequent transaction and the receipt of all approvals for such transaction. Forward-looking information in this news release is based on Tecpetrol's beliefs and opinions at the time the information is given, and there should be no expectation that this forward-looking information will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and Tecpetrol expressly disclaims any obligation to do so except as required by applicable law.
Disclaimers
This news release is for informational purposes only and does not constitute an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities. The Offer has been made solely by, and subject to the terms and conditions set out in, the formal Offer and Circular (as amended), letter of transmittal and notice of guaranteed delivery. The Offer has not be made to, nor will deposits be accepted from or on behalf of, shareholders in any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction.
The Offer has been made for the securities of a Canadian company that does not have securities registered under section 12 of the United States Securities Exchange Act of 1934, as amended (the "
The Offer and all contracts resulting from acceptance thereof are and will be governed by and construed in accordance with the laws of the Province of
None of the
SOURCE Tecpetrol
© Canada Newswire, source